HSBC’s Swiss private bank has launched a cull of more than 1,000 wealthy Middle Eastern clients, as it faces ongoing scrutiny from regulators over high-risk clients.
The bank will be terminating its relationship with a slew of customers from countries such as Saudi Arabia, Qatar, Lebanon, and Egypt — many of whom have assets of more than $100mn — according to people familiar with the matter.
HSBC’s Swiss private bank has informed affected clients that they will no longer be able to use its services and will be sending out letters advising them to move their accounts elsewhere in the coming months, one of the people said.
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